Mortgage Comparison Advice Needed

AuntyJean

I am looking for a BTL mortgage (fixed with no early redemption fees) paying Interest Only.

Lots have low start rates but then there is the APR which isn't always lowest on the low start rates.

Does APR take into account the mortgage overall (including the rate after the low rate)?

If I move my mortgage at the end of the fixed rate, everytime, should I be looking at the lowest start rate or the lowest APR to compare mortgages?

Sorry if this has been asked before but I couldn't find anything using the search on this site.

herbiesjp

I thin that what you are looking for is a BTL fixed rate with no extended tie-ins after the fixed rate (as opposed to no early redemption fees).

The APR does indeed take into account the overall cost of the mortgage over the whole term of the mortgage - so it will take into account the rate after the fixed term.

I would look at the pay rate as opposed to the APR when considering which scheme is best - but also remember to look at the fees included on the scheme, including the much publicised exit fees, which lenders like tweeking without telling anybody.

morgansdad

Birmingham Midshires are offering a B2L Fixed Rate with No early redemption fees, but it's only available through a broker in the Legal & General Mortgage Club.

catcatcat1

Hiya,

Do you know the birmingham and midshire rate through one of these l & g people?

many thanks

herbiesjp

There are plenty of other lenders offering BTLs with no penalties - just depends on what you are looking for